I'm of the opinion that one should not bid on an item unless he or she plans to follow through with the purchase. To walk away merely because you didn't do your research before bidding is unfair to the seller. Sure, he can relist it, but it costs him time and effort, and you risk your good name if he rightfully posts negative feedback.
For the price, I'd say you did fine. Get it, shoot it and enjoy it. I would recommend getting an L&R replacement lock, if you can find it. Keep the original lock as a backup, or sell it on ebay.